Cyberattacks cost the world more than natural disasters – US$3 trillion in 2015, a price that may climb to $6 trillion annually by 2021 if present trends continue. But most people – and even most businesses – don’t have insurance to protect themselves against this rising threat.

Insurance against all kinds of risks – disease, disaster, legal liability and more – is extremely common. In the U.S., companies, families and even government agencies paid a combined $2.7 trillion in insurance premiums in 2016 – and received payouts totaling $1.5 trillion. But just $2.5 billion – 0.09 percent of the total spending – went to buy insurance against cyberattacks and hacking. Elsewhere in the world, there’s even less coverage. For instance, in 2017 the cyber insurance market in India was $27.9 million, 0.04 percent of the total insurance premiums paid in the country that year.

For a company, that can make sense, because a digital intrusion can cost hundreds of thousands or even millions of dollars to fix and recover from. For individuals, the costs of a breach are lower but still significant – even as high as $5,000.

The insurance industry is doing more, too. A wide range of insurers such as Munich Re, AIG’s CyberEdge, Saga Home Insurance, Burns & Wilcoxand Chubb all offer cyber insurance for individuals. These plans cover as much as $250,0000 to repair or replace damaged devices and to pay for expert advice and assistance if a cyberattack affects a policyholder. They may also include data recovery, credit monitoring services and efforts to undo identity theft.

In addition, because cybercrime is relatively new, insurers do not have much data on how much various types of cybersecurity problems can cost to fix or recover from. They therefore tend to be conservative and overcharge.

As people become better-informed about the digital dangers in their lives, and as insurance companies are able to more clearly explain – and more accurately price – their coverage options, the cyber insurance market will grow and may expand rapidly. In the meantime, most policies have some degree of custom design, so consumers should be careful to look for policies that actually cover their needs, and not just evaluate plans based on cost.